(2) administer the fund established under 16.2502 of this chapter; and

(3) develop with the assistance and approval of the Attorney General a standard and uniform contract for each category of financial aid award; and

(4) administer funds appropriated for purposes of this chapter; and

(5) apply for, receive and administer federal and private funds: and

(6) actively pursue the establishment of cooperative placement programs and financial assistance available from educational institutions; and

(7) cooperate with the Office of Manpower Resources to develop employment opportunities for a student who has received financial aid and who intends to return to the Territory following the student’s graduation from an educational institution: and

(8) consider letters of reference or support from teachers, counselors, principals, employers and other persons with specific knowledge of the student’s character and abilities, before awarding any financial aid; and

(9) submit to the Legislature bi-annual reports detailing the balance in the fund; fund expenditures and receipts for each reporting period; and cumulative fund expenditures and receipts for the fiscal year.

(b) The Board may:

(1) elect a chairman and other officers that are found to be necessary; and

(2) employ with approval of the Governor, personnel necessary to implement this chapter: and

(3) reduce any financial aid except a government scholarship by the amount a student later receives in the form of an extraterritorial scholarship, grant, fellowship or other categorical assistance, provided notice is given the student in the contract authorized under 16.2509.